USDJPY Forex Exchange Opened Lower Wednesday August 16

USDJPY Forex Exchange Opened Lower Wednesday August 16

USDJPY Forex Exchange increased 0.1250 or 0.11% to 110.7200 on Wednesday August 16 from 110.5950
The US dollar fell against the Japanese yen after initially surging much higher during the day on Monday. We are testing an uptrend line that had been broken, so if we can break above the 110 handle, this market should be very bullish. Ultimately, I think that a move above there should send this market looking towards the 112.50 level. Alternately, we could find ourselves drifting lower from here, and quite frankly I think it comes down to the risk appetite of traders around the world. A lot of this has been due to the North Korea nonsense, which seems to be cooling down finally. Because of this, it looks like the safety trade may be abating a bit, and with that being the case I think we will start to focus on the interest rate outlook of the United States and Japan.

USDJPY Forex Exchange increased 0.1250 or 0.11% to 110.7200 on Wednesday August 16 from 110.5950 in the previous trading session. Historically, the Japanese Yen reached an all time high of 306.84 in December of 1975 and a record low of 75.74 in October of 2011.

USD/JPY’s rebound from 108.72 extends to as high as 110.78 so far. The break of 110.61 support turned resistance argues that decline form 114.49 is already completed at 108.72. Intraday bias is turned back to the upside for 112.18 resistance first. Break there will target 114.49 key near term resistance again. On the downside, break of 108.79 minor support will turn focus back to 108.72 instead.



USDJPY Forex Exchange

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In the bigger picture, the corrective structure of the fall from 118.65 suggests that rise from 98.97 is not completed yet. Break of 118.65 will target a test on 125.85 high. At this point, it’s uncertain whether rise from 98.97 is resuming the long term up trend from 75.56, or it’s a leg in the consolidation from 125.85. Hence, we’ll be cautious on topping as it approaches 125.85. If fall from 118.65 extends lower, downside should be contained by 61.8% retracement of 98.97 to 118.65 at 106.48 and bring rebound.




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major currencies: (EUR-USD) (USD-JPY) (USD-GBP) (USD-CHF), (USD-CAD), (AUD-USD) (USDCNY)



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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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